LIYEPLIMAL “Poverty is over” (in the Bassa Language of Cameroon) is the name of the Ponzi Scheme led by Mr. Émile Parfait Simb, advertised as a high-return investment program where investment packs are acquired through sponsorship.
The case of the Ponzi scheme that made away with billions of FCFA from investors at home and abroad was handed to judges Michael Vazquez and Cathy Waldor on June 23rd, 2022, and a large chain of gangsters was sued. That involved the Cameroonian MP and the head of a political party, Mr. Cabral Libii. The case has 19 people as plaintiffs, and hopes are high that the American justice system takes the matter more seriously than in Cameroon.
Initially denominated in US dollars, investments are converted at the beginning of 2020 into a currency specific to Liyeplimal called the limo or limo dollar. This currency serves as a unit of exchange between subscribers, with a withdrawal rate set at 600 XAF and a purchase rate of 800 XAF in 2020 and then 1000 XAF in 2021. On request, Liyeplimal subscribers can have their funds via a prepaid UBA Visa card or Orange Money.
In December 2021, the GIT company announced the replacement of Limo Dollars by LimoCoins, a cryptocurrency evolving on the Ethereum and Binance blockchains, at the rate of 1 LimoCoin for 1 Limo Dollar. In February 2022, the press announces the fall of the cryptocurrency. On February 21, 2022, during a television interview on the Cameroonian channel Canal 2, M. Simb announced the end of existing withdrawal possibilities, leaving subscribers the only possibility to recover their funds by exchanging on a market platform. At the beginning of March 2022, LiomoCoin was trading at around 0.02 USD.
SimbCoin is a cryptocurrency based on Ethereum’s ERC-20 technology. Its volumes and prices are listed under Latoken. In July 2021, almost all SimbCoin was concentrated in about ten cryptocurrency wallets. The price of Simbcoin goes from 1.20 US dollars at the beginning of 2021 to a few cents in 2022.
Émile Simb is the founding CEO of the Simb Group and Global Investment Trading (GIT) companies, accused of irregular or fraudulent financial operations by the financial police of several countries and by cryptocurrency companies. He is being prosecuted for fraud in Cameroon and is accused of fraud by his clients in North America.
Ndasi Tata is a Bitcoin entrepreneur from Cameroon, who holds an M.Sc in Blockchain and Digital Currency from the University of Nicosia. He is an advocate of Bitcoin in Africa and uses various social media platforms to promote his ideas and ventures. Tata has a background in state journalism and has established himself as a significant figure in the Bitcoin community.